CX, CPL, CTA, KPI, PR.
Can you explain each acronym?
For clarification, these stand for:
- Customer experience
- Cost per lead
- Call to act
- Key performance indicator
- Press release
They are relatively common marketing acronyms, so you are likely to be familiar with them. However, depending on your involvement in the marketing strategy and the sector you work in, terms such as triggered drip emailing, KISS, and sales funnels can be tricky to understand. Marketing seems to be reinventing itself every day. But in reality, there is nothing really new in marketing. Everything you are doing today has always existed, except that it might have been under a different name or format. Believe it or not, but marketers are using the same strategies and approaches as their teachers and ancestors did before. Only the channels have evolved. Here’s why:
Invest in your customers
Why should I invest in my customers, you ask? The answer is simple: because they will pay it back when they start recommending your brand and products. It’s no secret that you’re more likely to trust a friend’s recommendation than a branded advert. Taking care of your customers is the first and most crucial step in your advocacy campaigns. Therefore, you look for strategies to make them feel valued by offering different communication channels and perks. But is it truly a new phenomenon? VIP treatments have been around since trading relationships were established in Antiquity, where loyal buyers would receive preferential treatments for the same reason.
Tell your story
Storytelling is in our DNA. Historians argue that the first prehistoric drawings are a testimony to our innate appreciation of stories. Many drawings were found inside caves where the members of a tribe reunited around the fire to share stories and warmth. In marketing, we may not light the fire camp anymore, but we still tell stories. A good story is your brand voice, which is why businesses focus on channels that can carry the narrative messaging across. Video production agency Flat Frog Films believes that the video format is the closest modern marketing gets to the art of storytelling. A great video shares your voice, your journey, and your aspirations engagingly and naturally. Your audience only needs to sit back and enjoy the tale in the same way they’ve done throughout the history of humankind.
Upsell your conversions
Upselling is the process of increasing the value of an existing transaction. According to data, the probability of selling to a new customer is 5 to 20%. However, selling to an existing customer is much more likely, with up to 70% probability. Upselling maximises converted users by persuading them to either upgrade or buy a more expensive version of their product. Digital marketing has many strategies to upsell, such as using limited time or quantity offers or using pre-checkout placements. But it’s a trick that salespeople have been using for centuries.
You wouldn’t be wrong to picture your marketing ancestors making such offers:
My Lord, why build a simple manor house when you can have a castle of your own with a view of the lake?
Should you or should you not learn all the latest marketing tips and tricks? The truth is that strategies are old and tested. The tools are new but marketing will always be marketing. The bottom line: relax if you don’t know yet all the latest acronyms and buzzwords. Your marketing knowledge isn’t outdated. It simply needs learning new jargons, not new strategies.